Endgame for Novi, Meta’s digital wallet

In the test phase since last October, the application will close its doors on September 1st.

Meta is ending its digital wallet project known as Novi. Currently being tested in the United States and Guatemala, it allows people to send and receive money internationally instantly and for free using Pax Dollar, a digital currency powered by blockchain technology. .

On the Novi site, the Californian group indicates that the application will no longer be available from 1er next September and therefore invites its users to withdraw their balance before this date. It still specifies that in the event that there is money left, it will attempt to transfer it to the bank account or debit card that users have added to the digital wallet. In addition, users can no longer add money to their account since 1er July.

The end of Novi is not surprising given the problems encountered by this project. It had been designed to support fast and free transactions using Diem (formerly Libra), Meta’s cryptocurrency, but regulatory challenges forced it to do otherwise. This digital currency project was officially buried by the company in February. Novi hasn’t been spared criticism either: following the announcement of the test last October, senators sent a letter to Meta, asking him to end it.

Despite this huge failure, the American giant has not given up on the idea of ​​developing a currency and a digital wallet. He is currently working on a virtual currency called Zuck Bucks. Intended for use in the metaverse, it would not be blockchain-based, unlike Diem. A Meta spokeswoman also told The Verge that the company will use the technology developed jointly with the Diem project “on new products, such as digital collectibles”.

The firm has already dabbled in this area, starting to test NFTs on Instagram in May and more recently on Facebook. On June 22, its CEO Mark Zuckerberg also announced that the company was working on a digital wallet for the metaverse to allow users to manage their identity, possessions (digital clothes, art, videos, music, etc.) and their way to pay. He also said that this wallet will be interoperable, allowing “connect to any metaverse experience”.

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